Our Research

Key Take: We believe the Northeast forward curve already prices another cold winter, and Q1-27 consensus sits even higher on Henry Hub. This is not a hot take on the weather. It is a leverage…

…ahead of the company’s scheduled business update call on December 15th 2026. Key Take: We like integration. But we also believe in portfolio optimization. In our opinion, among other things, BP’s fuels and convenience business…

Oil is down marginally on weekend marks from the decentralized exchanges (as of noon Sunday – full caveat this can vary very quickly before the electronic open today at 18:00 ET…), with Brent down ~0.7%…

Happy Halloween! It is the weekend, so we went with the long deck: ~40 slides of interesting (at least in our view…) weekend reading. And none of the calories of the candy bowl! Key Take:…

…one more week before we close this one. Full position marks as of 16:00 ET 10-30-2026 within as well as some comments on what happened this week. LHP22 is at the halfway mark and roughly…

PSX just put up a monster quarter (par for the course for most of the refiners that have reported so far). In our view, the more interesting question now is what the stock does when…

What’s Inside? Leading with the conclusion: This report took a long time, and what it shows almost doesn’t matter. But maybe herein lies the value? Let us explain: We pulled ~220 transport contracts (~205 of…

Why the ‘Frankenbook?’ It was stiched together from parts of the last book (LHP21). See within for flips and presses. In any case… It’s that time again. We are rolling out our latest sentiment/ quant…

Just another ‘Merger-Monday’… There is nothing we love more than a Monday-morning merger (maybe Sunday night, but then that messes up the weekend), and EQT (N/R) buying Range Resources (RRC; N/R) is about as big…

In our view, EQT just agreed to buy the last scaled, deep-inventory Marcellus neighbor it has, and the strategy is hard to argue with: It gets ~2.6 Bcfe/d of adjacent Southwest PA production (2027E consensus),…

Oil up on weekend marks from the decentralized exchanges, with Brent up ~1.8% and WTI up ~3.5% versus Friday’s electronic close (these are perpetual contracts so they aren’t apples-to-apples versus the front month you see…

Our KMI note earlier this week went down a few rabbit holes (– KMI (N/R): Our Proprietary Four-Quarter Score Card Is, In Fact, Pretty Solid… (~30 Slides). Truthfully, it added very little to KMI, a…

…No, that is not the title of our future autobiography (could have fooled me though), but rather a key takeaway from our extremely detailed and massively (self-proclaimed) nerdy data analysis of our SOL (shares-on-loan) utilization…

source: The Internet; Rumpelstiltskin (1987) For anyone who missed the meme: In the 1987 retelling of Rumpelstiltskin – pictured above (a German fairy tale classic by the Brothers Grimm), a miller’s daughter is locked in…

Once again, this is not your typical earnings note. We went back through the last four KMI calls (plus two September conferences) and graded every guide, beat and backlog promise. The result is our ~30-slide…